As the UK government focuses on ensuring that temporary workers pay the expected amount of tax, it is increasingly important for umbrella companies and contractor accountants to ensure that their systems and records are robust enough to withstand critical investigation. A key aspect of this market is that the size of the client base (and the volume of processing) is significantly higher than the traditional ‘high street accountant’ business.
While the larger scale of this market can be a source of problems, it also provides an opportunity which simply doesn’t exist with a smaller client base – the power of comparative reporting.
Consider a new contractor who wishes to operate as a PSC; if you don’t have any other clients of this type working in the same sector, then you will have an awful lot of work to do in order to verify that their decision will withstand scrutiny and audit. If, however, you have several hundred contractors working in a similar sector, perhaps even for the same client, then you can compare the profile of this temporary worker to that community. Comparative reporting across a range of data such as turnover, and the size and frequency of expenses claimed, can help you to decide whether a particular contractor matches a profile that you’ve already assessed. And of course, if their profile is different, this may be an opportunity to provide guidance, or additional audit services.
Thanks to the scale and nature of a cloud-based service, the JustAccounts platform delivers the power of comparative reporting in a few clicks, improving efficiency and helping you to focus your time on growing and strengthening your business rather than spending excessive amounts of effort on individual clients.
Find out more about the JustAccounts comparative reporting cloud-based service:
If you want to discuss any of these points further please do get in touch by emailing info@justaccounts.com or call 01942 721 397 – the JustAccounts team will be happy to chat and answer any questions you may have or click here to visit their website
